Corecivic Inc (CXW) Plans Quarterly Dividend of $0.44

Corecivic Inc (NYSE:CXW) declared a quarterly dividend on Friday, February 22nd, Wall Street Journal reports. Stockholders of record on Monday, April 1st will be paid a dividend of 0.44 per share by the real estate investment trust on Monday, April 15th. This represents a $1.76 dividend on an annualized basis and a dividend yield of 8.54%. The ex-dividend date is Friday, March 29th. This is an increase from Corecivic’s previous quarterly dividend of $0.43.

Corecivic has decreased its dividend by an average of 7.1% per year over the last three years. Corecivic has a payout ratio of 75.9% indicating that its dividend is currently covered by earnings, but may not be in the future if the company’s earnings decline. Analysts expect Corecivic to earn $2.54 per share next year, which means the company should continue to be able to cover its $1.76 annual dividend with an expected future payout ratio of 69.3%.

Corecivic stock traded up $0.25 during mid-day trading on Monday, reaching $20.60. 451,500 shares of the company were exchanged, compared to its average volume of 645,419. Corecivic has a 12 month low of $17.16 and a 12 month high of $26.09. The company has a debt-to-equity ratio of 1.26, a current ratio of 1.02 and a quick ratio of 1.02. The firm has a market cap of $2.43 billion, a PE ratio of 8.92 and a beta of 1.31.

Corecivic (NYSE:CXW) last posted its quarterly earnings data on Tuesday, February 19th. The real estate investment trust reported $0.40 EPS for the quarter, missing the Zacks’ consensus estimate of $0.62 by ($0.22). Corecivic had a return on equity of 11.80% and a net margin of 8.67%. The company had revenue of $482.19 million for the quarter, compared to the consensus estimate of $459.32 million. Sell-side analysts expect that Corecivic will post 2.44 earnings per share for the current fiscal year.

In related news, CEO Damon T. Hininger sold 21,251 shares of the firm’s stock in a transaction on Friday, March 1st. The stock was sold at an average price of $20.69, for a total transaction of $439,683.19. Following the sale, the chief executive officer now owns 273,493 shares of the company’s stock, valued at approximately $5,658,570.17. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Thurgood Marshall, Jr. sold 7,200 shares of the firm’s stock in a transaction on Friday, March 29th. The shares were sold at an average price of $19.30, for a total value of $138,960.00. Following the sale, the director now directly owns 36,447 shares in the company, valued at approximately $703,427.10. The disclosure for this sale can be found here. Company insiders own 1.30% of the company’s stock.

A number of equities analysts have commented on CXW shares. TheStreet lowered Corecivic from a “b-” rating to a “c+” rating in a research note on Tuesday, December 18th. ValuEngine upgraded Corecivic from a “strong sell” rating to a “sell” rating in a research note on Monday, February 4th. Finally, Zacks Investment Research lowered Corecivic from a “buy” rating to a “hold” rating in a research note on Tuesday, January 15th.

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About Corecivic

CoreCivic is a diversified government solutions company with the scale and experience needed to solve tough government challenges in flexible cost-effective ways. We provide a broad range of solutions to government partners that serve the public good through corrections and detention management, a growing network of residential reentry centers to help address America's recidivism crisis, and government real estate solutions.

Further Reading: Intrinsic Value and Stock Selection

Dividend History for Corecivic (NYSE:CXW)

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